1. Technical Field
Embodiments of the present invention generally relate to power consumption and demand regulation. More particularly, embodiments relate to electrical load interfaces that may be controlled remotely based on the current price of electricity, temperature and/or scheduling information.
2. Discussion
The deregulation of electric utilities that has occurred over the last several years has resulted in a large scale decoupling of power production from distribution in many jurisdictions. Accordingly, distributors have become mega-purchasers of power and may be more exposed to power price risk than any other industry. In jurisdictions where deregulation has progressed significantly, utilities have already experienced a vulnerability to power price spikes. Indeed, on one day during a heat wave in Chicago, the spot market price peaked at $7,000 per megawatt hour, which was more than 175 times the normal price. While power distributors have begun to employ more innovative financial “hedging” solutions, such as futures contracts, to lessen their exposure to such extreme spot market prices, spikes in consumer demand (during, for example, the summer months) can still lead to unexpectedly high costs of electricity. These added costs may be passed on to the consumer in the form of higher electricity prices.
Conventional residential and commercial environments often use static thermostats to establish a desired level of operation for devices such as central air conditioners and wall/window air conditioners. For example, a typical air conditioner thermostat might be set manually by the consumer to a temperature of 72° F., which causes the air conditioner to power up at ambient temperatures above 72° F. and power down at ambient temperatures below 72° F. While these types of localized, static, temperature-based controls have been acceptable under certain circumstances, considerable room for improvement remains. For example, during times of extremely high consumer demand, the price of electricity could be so high that a previously-established thermostat setting may no longer be cost-effective or desirable to the consumer. Conventional thermostat devices typically may not be able to take into consideration the current price of electricity with regard to temperature-controlled equipment. In addition, other equipment such as clothes dryers are not set up to take advantage of time of day electrical pricing.